GreenWise Market Signs Lease at The Main Las Olas for First Store in Downtown Fort Lauderdale

Source: Stiles

Joint venture partners Fort Lauderdale-based Stiles and San Francisco-based Shorenstein Properties LLC announced today that Publix Super Markets has signed a lease for a GreenWise Market at The Main Las Olas. The mixed-use project currently under construction is composed of a 25-story office tower, 341-unit residential tower and ground floor retail spanning a full city block between 201 East Las Olas and SE 3rd Avenue in downtown Fort Lauderdale. The project is set for completion in Fall 2020.

GreenWise Market is a specialty, natural and organic store featuring a variety of house-prepared meals, grab-and-go items and unique products. Located on the ground floor of the residential tower, the 28,000-square-foot market will feature a large prepared foods section as well as a beer and wine bar and sushi bar, specialty meats and cheese section, and a full wine department. This will be the grocery giant’s first GreenWise Market to open in Fort Lauderdale and the only grocery store located on Las Olas Boulevard.

“We are excited to welcome GreenWise to The Main Las Olas, a distinguished mixed-use project that will offer Publix an exceptional location in the heart of downtown,” said Stiles Chief Executive Officer Ken Stiles. “Publix is a long-time partner and we are proud to further strengthen our relationship while bringing the ultimate dining and shopping convenience to downtown residents and employees.”

The Main Las Olas project is 2.7-acre project featuring 357,000 square feet of Class A offices, a 341-unit apartment tower, high-end restaurants, chic dining establishments, retail shops, a GreenWise Market and destinations for gathering and social events. Masterfully designed to integrate business, living and commerce, the project redefines the city’s epicenter. Stiles Construction is the general contractor and Stiles Realty is handling commercial leasing of the office and retail.

“This project is set to transform the central business district on Las Olas by creating a place where people can live, work, create, shop, dine and entertain,” said Robert Breslau, Chief Development Officer of Stiles. “Having a high-quality organic grocer at The Main Las Olas not only brings a convenient and healthy dining and shopping option to the local community, but also significantly enhances the walkability of downtown for residents and office workers.”

The GreenWise Market lease comes on the heels of recently announced office pre-leases with law firms Akerman LLP and Berger Singerman LLP, and diversified holding company BBX Capital for a total of 85,000 square feet. These leases combined with GreenWise brings the preleasing total to approximately 115,000 square feet since the project’s groundbreaking.

Fort Lauderdale Mayor Dean Trantalis commented, “This is a thoughtfully planned project the whole city can be proud of. The addition of a GreenWise Market will truly help to serve the thousands of current and future residents and employees surrounding Las Olas and further the urban feel of our downtown by increasing walkability and reducing traffic on the streets.”

The Main Las Olas office tower is distinguished by a progressive commercial design from award-winning architect Cooper Carry, featuring a contemporary curtain wall pointing skyward with 12-foot floor-to-ceiling vision glass along the exterior. The offices are planned to feature 10-foot ceilings, a first for Class A office buildings in Fort Lauderdale.

The residential tower will be distinguished by a progressive design and expansive amenities to create an urban living environment that captures the energy of Las Olas. Offering studios, one-, two- and three-bedroom apartment homes ranging from 600-1,400 square feet, each unit offers gourmet kitchens with chefs’ islands, stainless steel appliances, luxury plank flooring, quartz countertops and keyless entry. The addition of the GreenWise Market will provide The Main Las Olas residents with direct access via an elevator to the entrance of the grocery store, making daily shopping, quick bites or last-minute items for a night of entertaining simple and easy.

The Main Las Olas project is conveniently located just four blocks from Brightline’s Fort Lauderdale station. Brightline offers direct, nonstop, rail service from Fort Lauderdale to downtown Miami to the south and downtown West Palm Beach to the north, with planned future service to Orlando. A stop on Fort Lauderdale’s Sun Trolley system is directly in front of The Main Las Olas office tower, offering door-to-door access to the Brightline station. Tri-Rail Shuttle stops are also located less than a block away from the property, offering intermittent stops to downtown Miami and West Palm Beach.

For office and retail leasing opportunities, please contact Norm Adams (office) or Dan Coyle (retail) at 954-627-9400. Visit www.TheMainLasOlas.com for more information.

About Stiles

Stiles is a full-service commercial real estate firm with a clear mission: Invest, Build, Manage. With its diverse capabilities, Stiles has achieved a stellar reputation for excellence and market leadership within the real estate industry. In addition to Development, Construction, Architecture, Realty and Property Management, Stiles also specializes in Financing, Acquisitions and Repositioning. The Company is responsible for more than 38 million square feet of office, retail, residential, mixed-used and industrial projects throughout the southeastern United States. Since 1951, Stiles has played a vital role in South Florida’s rise to prominence. With a multitude of award winning projects, Stiles inspired the revitalization of downtown Fort Lauderdale, Florida, the home of its headquarters. The Company also maintains regional offices in Miami, Tampa, West Palm Beach, Naples, Fort Myers and Orlando, Florida, as well as Charlotte, North Carolina. For more information, please visit stiles.com or call 954-627-9300.

About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 64.1 million square feet in transactions with a gross investment value in excess of $15.2 billion.

Stiles bringing ‘Main Las Olas’ to downtown Fort Lauderdale

Source: Stiles

Construction has begun on a full city block of rental apartments and office space, encompassing nearly 3 acres in downtown Fort Lauderdale.

The project, known as “The Main Las Olas,” calls for twin towers with 25 stories of office space and 27 stories of 341 apartments, bordering 201 E. Las Olas Blvd. and Southeast Third Avenue.

The towers will be connected by a parking garage and amenity deck, including a rooftop pool. The 10th-floor outdoor amenity deck will have an open-air terrace overlooking Las Olas Boulevard, as well as a fitness center, conference center and office lounge.

Stiles Construction is the general contractor on the project, with Stiles Realty handling the commercial leasing.

In 2016, Stiles paid $13.1 million for the Bank of America building on the site, which was torn down earlier this year to make way for the residential tower. The site also formerly housed a building owned by Broward College, which is leasing the land to Stiles, for the office side.

Underground site construction began during this past summer.

Among the unique features:

• The 16,000-square-foot penthouse office suite will offer tenants the ability to create a top-of-building outdoor terrace with sweeping city views.
• There will be 357,000 square feet of Class A offices, with floor-to-ceiling vision glass for a transparent effect so “you could see through it,” said Stiles spokeswoman Adrienne Zalkind.
• The residential tower will have one-, two- and three-bedroom apartment homes ranging in size from 600 to 1,400 square feet with gourmet kitchens with chefs’ islands. Amenities throughout the residential tower include full-time concierge service; an event/yoga lawn; and entertainment pavilion with grills and dining areas. There will be an indoor dog run and pet grooming spa; automated package lockers; and a fitness center.
• The project will include restaurants and retail shops on the ground floor of the office tower. The ground floor of the apartment building will house a grocer, though the name has not been disclosed.

Pre-leasing for the office tower has started, and two law firms and a real estate investment firm have signed on. Apartment leases will begin in 2019; prices have not yet been disclosed. Both towers are expected to be ready by the fall of 2020.

Stiles Chief Executive Officer Ken Stiles said in a prepared statement that the project has a “distinguished design and exceptional location.”

“The Main Las Olas project represents the growth and transformation of the central business district on Las Olas, expanding the active core to west of Third Avenue by creating a place where people can live, work, create, dine and entertain,” he said.

Peabody Union Mixed-Use Moves Forward in Nashville

The 625,000-square-foot project will include a mix of residential, office and retail space on five acres along the Cumberland River

Written by: Jeff Hamann
Source: Commercial Property Executive

Hensler Development Group and Stiles Corp. have put forward plans to develop a new mixed-use project in central Nashville, Tenn. Known as Peabody Union at Rolling Mill Hill, the property will include 105,000 square feet of retail and 170,000 square feet of Class A office space in a five-story building, in addition to a 25-story, 350,000-square-foot luxury condominium high-rise.

The joint venture agreed to acquire the 4.5-acre development site located at 30 Peabody St., for $16 million, from the Metro Development and Housing Agency. The site currently serves as a parking lot, situated at the foot of the Gateway Bridge along the Cumberland River. Adjacent to Nashville’s central business district, the property will enable convenient access to the wider area via interstates 24 and 40. 

MDHA approved up to $17.5 million in tax increment financing for the construction of roughly 400 MDHA-controlled garage spaces, as well as traffic signalization, streetscapes and greenway improvements along the Cumberland River. The JV also plans to pay an additional $1 million contribution towards affordable housing in the area.

Burgeoning area

Two other mixed-use developments are going through planning stages in the immediate area, together with Peabody Union, adding up to almost 1 million square feet of new construction.

“This project will become a riverfront greenway destination and the ultimate gathering place with a wide variety of experiences and activities for locals before and after downtown events. It will also become a must-see destination for many of the more than 15 million annual visitors expected in Nashville by 2023,” said Ray Hensler, president of Hensler, in a prepared statement.

Images courtesy of Stiles Corp.

New Owner for Fort Lauderdale’s First Super-Luxury Building

Joint venture of Rockefeller Group and Stiles sold Amaray Las Olas, a 254-unit development near downtown

Written by: Laura Kusisto
Source: The Wall Street Journal

Developers have sold a 30-story luxury apartment building in Fort Lauderdale, Fla., in a sign that investor appetite for high-end rental product remains strong even as rents cool.

A joint venture of the Rockefeller Group and Stiles Corp. has sold Amaray Las Olas, a 254-unit development that opened in 2016. The project helped introduce the concept of apartment buildings offering ultra luxury conveniences such as full-service dog washing and a massage room. It set a new standard by fetching rents of around $3 a square foot, in line with similar properties in downtown Miami.

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First look: 27-story tower planned on Broadway

Whole Foods among possibilties for property at Broadway and 12th

Written by: Getahn Ward
Source: The Tennessean

Key Points

• Developer wants more of the tallest part of the building to face Broadway and 12th Avenue North.
• Endeavor Real Estate Group is known to have a close relationship with fellow Austin-based company Whole Foods Market Inc.
• The developer has selected Turner Construction to handle pre-construction work.

An Austin, Texas-based developer’s plans for the former Nelson Mazda dealership on Broadway near Interstate 40 calls for a 27-story mixed-use tower.

Endeavor Real Estate Group’s filing with the Downtown Code Design Review Committee seeks a modification that would permit more of the tallest part of the building to face Broadway and 12th Avenue North.

The request to be considered Thursday also mentioned the developer’s plans to create ground-floor space that would be attractive for an “anchor retailer.”

Although no specific tenant was identified, Endeavor’s Managing Principal Jamil Alam previously has mentioned grocery stores and restaurants among possibilities. And the developer is known to have a close relationship with fellow Austin-based Whole Foods Market Inc., which has reportedly been scouting areas near downtown Nashville for a location.

In Austin’s Cedar Park suburb, Endeavor is the developer for a commercial project to be anchored by a new 365 by Whole Foods Market concept store for cost-conscious shoppers.

A grocery store on the former Nashville dealership site at 1200-1222 Broadway, next to The Tennessean, would be music to the ears of constituents of downtown Metro Councilman Freddie O’Connell.

“That would completely change the picture for that part of town,” he said. “Whole Foods obviously has a reputation sort of like Turnip Truck where it’s not going to be the universal grocery option, but it certainly enhances what’s on the table.”

Under the Downtown Code, Endeavor could by right build 20 stories on half of the site. The developer, however, is giving up much of that ability and asking that more of the tallest part of the building face Broadway and 12th Avenue.

In another sign of Endeavor gearing up for the project on the 1.6-acre site, the developer has selected Turner Construction to handle pre-construction work.